Debt Consolidation Calculator: Compare Interest & Time

Your estimate

—

estimated interest saved

Current debts compared with a consolidation loan
	Current	Consolidated
Monthly payment	—	—
Time to debt-free	—	—
Total interest	—	—
Fees	$0	—

Estimates only. Figures are rounded and assume the inputs stay the same for the whole period.

Estimates only: Results are based on the numbers you enter and simplified assumptions. They are not a loan offer, rate quote or financial advice. Actual terms depend on the lender and your situation.

How the debt consolidation calculator works

List each debt you are thinking of consolidating with its balance, APR and the monthly payment you are making now. The calculator projects how long each debt would take to pay off at that payment and adds up the interest. It then prices a single consolidation loan — grossed up to cover the origination fee — at the APR and term you enter, and compares the two paths side by side.

When consolidation makes sense

The new APR is clearly lower than the weighted average rate on your current debts.
The total cost (interest plus fees) is lower — not just the monthly payment.
You have a plan to avoid running credit card balances back up after they are paid off.
The fixed payment fits your budget, so you can pay on time every month.

When it may not help

If the best rate you qualify for is close to what you pay now, the origination fee can erase the savings. Stretching repayment over many more years can also increase the total interest even at a lower rate. In those cases a structured payoff plan may work better — see debt payoff strategies: avalanche vs. snowball.

To learn how lenders price these loans, read what is debt consolidation? and visit our debt consolidation hub. The Consumer Financial Protection Bureau also has guidance on managing credit card debt.

Frequently asked questions

Does debt consolidation save money?

It saves money when the new loan’s APR — including any origination fee — is meaningfully lower than the rates on your current debts, and you do not run the old balances back up. A longer term can lower your payment while still increasing total interest, so compare both numbers.

How do origination fees affect a consolidation loan?

Many lenders deduct an origination fee from the loan proceeds. To pay off $10,000 of debt with a 5% fee, you would need to borrow about $10,526. This calculator grosses up the loan so the fee is counted in your cost.

Will consolidating hurt my credit score?

Applying causes a hard inquiry, which may lower your score slightly for a short time. Paying off credit cards can lower your credit utilization, which often helps. Keeping the paid-off cards open (and unused) usually supports your score.

What are alternatives to a consolidation loan?

A 0% intro APR balance transfer card, a nonprofit credit counseling debt management plan, or a focused avalanche or snowball payoff plan. Read what is debt consolidation for a comparison.

Learn more

Debt Payoff Strategies: Avalanche vs. Snowball (and When to Use Each) — Compare the debt avalanche and debt snowball methods with a worked example, plus other debt payoff strategies and debt management tips to get debt-free faster.
How to Pay Off Credit Card Debt: A Step-by-Step Plan — A step-by-step plan to pay off credit card debt: list balances, pick avalanche or snowball, lower your APR and use balance transfers or consolidation.
Personal Loan vs. Credit Card: Which Is Better for Your Situation? — Personal loan vs. credit card: compare interest rates, fees, repayment structure and credit impact, with examples showing when each option costs less.
What Is a Balance Transfer? How 0% Balance Transfer Cards Work — What a balance transfer is, how 0% intro APR balance transfer cards work, how to calculate the fee and savings, and the mistakes that can erase the benefit.